Compliance
Consolidated Asset Recovery Systems helps finance companies meet the protections set by the Consumer Financial Protection Bureau (CFPB). We are the only company to deliver compliance at three different levels; agent compliance, procedural compliance and data compliance.
Agent compliance
We maintain the largest network - over 800 repossession agents - all carefully vetted and contractually obligated to meet our expectations on compliance. Criminal background checks are required of all repossession agents and their employees. All agents undergo a rigorous training process and must maintain their own internal controls, policies, and procedures. To ensure compliance, we verify insurance, regularly audit and grade agents on performance and compliance metrics and conduct on-site inspections, all as a requirement to stay in the network. Given the importance of consumer privacy, we have zero-tolerance for agents who use deceptive or aggressive practices or that don't pass periodic inspection.
Procedural compliance
We leverage our software (IBEAM) and internal controls to maintain tight control of consumer information throughout the process of recovering and remarketing of customer assets. Our SaaS software captures all the communication and workflow between forwarders, agents and lenders thereby providing transparency and documentation. There are no paper documents or data stored outside the portal, in addition, the software automatically redacts sensitive consumer information on print outs. We certify each agent carries the proper insurance, has the necessary equipment and secure impound facilities to support the assigned case load.
Data compliance
Our SaaS software is hosted at a Windstream Tier 3 data center. Windstream is a leading provider of network communications and services, including cloud computing and managed services. Windstream operates in 48 states and maintains a local and long-haul fiber network spanning approximately 115,000 miles with 23 data centers. All 23 data centers are operating in full compliance to the new SSAE 16 standards. Tier 3 data centers offer redundant servers, power and network links - guaranteeing 99.982% availability.